Revised Audit Reporting Standarts Improves Transparency and Corporate reporting, Finds ACCA

Updated auditor reporting standards have improved quality of information for investors, governance and financial reporting, according to a report from the Association of Chartered Certified Accountants (ACCA). The report Key audit matters: unlocking the secrets of the audit looked at 560 audit reports across eleven countries and four continents to examine the effects of the International Auditing and Assurance Standards Board (IASB’s) changes to auditor reporting standards. Applicable from December 2016 year-end audits, they require the auditor to list areas at risk and explaining the audit approach to tackle them, this increases transparency to stakeholders.